Sierra Leone launches national shipping company SLOSCo

President Julius Maada Bio has officially launched the Sierra Leone Ocean Shipping Company (SLOSCo) in Freetown. The company is a joint venture between the Sierra Leone National Shipping Agency, which holds a 30% stake, and the Chinese Zhejiang Xiehai Group, which holds 70%.

The initiative aims to increase the country's participation in international maritime trade and reduce its reliance on foreign carriers for the export and import of goods. The project plans to develop a fleet of 50 vessels, with an initial phase consisting of 30 ships.

While the launch marks a strategic move to capture more value from maritime trade, the company's success will depend on its ability to secure cargo, manage operational costs, and compete with established global shipping operators in the sub-Saharan African market.